Cardano

Bitcoin

Resistance

<p>Cardano’s price has been following Bitcoin over the past few weeks but is yet to create a new record high.</p> 
<p>Yet, it might do so soon if it is able to take out this one significant obstacle.</p> 
<p>By <a href="https://crypoptionhub.com/authors/" data-wpel-link="external" target="_blank">Edris Derakhshi (TradingRage)</a></p> 
<h2 id="the-usdt-paired-chart">The USDT Paired Chart</h2> 
<p>On the ADA/USDT chart, the asset has been surging almost vertically, breaking above several resistance levels, including the 200-day moving average, which is a key trend indicator. However, the $1.2 resistance level has been preventing the market from rising further, and the price is consolidating below it at the moment.</p> 
<p>While it seemingly creates a head and shoulders pattern, as long as the $0.75 support zone holds, the market structure will remain bullish, and a new record high will be within reach.<a href="https://cryptopotato.com/wp-content/uploads/2024/12/ADAUSDT-Daily-Dec-16-2024-scaled.jpg" data-wpel-link="internal"></a></p> 
<h2 id="the-btc-paired-chart">The BTC Paired Chart</h2> 
<p>The Bitcoin-paired chart shows an almost similar picture to that of the ADA/USDT one, with a key difference. The ADA/BTC chart creates the head and shoulders pattern above a significant level, which is the 1000 SAT area. If the neckline of the pattern, which coincides with the 1000 SAT support level, breaks down, a drop toward the 200-day moving average, located around the 700 SAT mark, will be probable.</p> 
<p>On the other hand, if the 1000 SAT area holds, a further rally toward the 1500 SAT resistance zone would be very likely in the coming weeks.<a href="https://cryptopotato.com/wp-content/uploads/2024/12/ADABTC-Daily-Dec-16-2024-scaled.jpg" data-wpel-link="internal"><img class="aligncenter size-full wp-image-374819" src="https://cryptopotato.com/wp-content/uploads/2024/12/ADABTC-Daily-Dec-16-2024-scaled.jpg" alt="" width="2560" height="1372" srcset="https://cryptopotato.com/wp-content/uploads/2024/12/ADABTC-Daily-Dec-16-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/12/ADABTC-Daily-Dec-16-2024-300x161.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/12/ADABTC-Daily-Dec-16-2024-1024x549.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/12/ADABTC-Daily-Dec-16-2024-768x411.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/12/ADABTC-Daily-Dec-16-2024-1536x823.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/12/ADABTC-Daily-Dec-16-2024-2048x1097.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/12/ADABTC-Daily-Dec-16-2024-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p> 
<p>The post <a href="https://cryptopotato.com/cardano-price-analysis-this-resistance-blocks-adas-path-toward-2/" rel="nofollow">Cardano Price Analysis: This Resistance Blocks ADA’s Path Toward $2</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

Cardano Price Analysis: This Resistance Blocks ADA’s Path Toward $2

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